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Oil price of $80-90 per barrel may persist in long term — Russia finance minister

November 26, 2014, 11:38 UTC+3
Russia is most likely to avoid making borrowings on external markets in 2015 amid unfavorable market conditions, Russian Finance Minister Anton Siluanov said
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© AP Photo/Hasan Jamali, File

MOSCOW, November 26. /TASS/. The oil price of $80-90 per barrel may persist in the medium and even long term, Russian Finance Minister Anton Siluanov said on Wednesday.

The Russian government will have to adjust the budget for the next three years, proceeding from this oil price, Siluanov said.

Russia is most likely to avoid making borrowings on external markets in 2015 amid unfavorable market conditions, the finance minister said.

Russia may lose 1 trillion rubles (about $21 billion at the current exchange rate) from slower economic growth in the country, the deterioration of external economic conditions and a contraction in imports, Siluanov noted.

"The Russian budget may lose 500 billion rubles ($10.7 billion), if the current situation persists and the weak ruble and oil prices remain at the current levels,” he said.

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